How Nigeria’s revenue rose to N462.4 billion

Nigeria’s distributable government revenues rose to 462.4 billion Naira ($1.43 billion) in May from 415.7 billion Naira in April due to higher proceeds from corporate taxes, a government statement said on Thursday.

Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils.

The revenues were boosted by “significant increases in revenues from companies income tax,” said the statement issued by the accountant general.

But it said the rise was offset by a “slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decrease in export volume by 1.023 million barrels, reduced oil revenue by $57.12 million.”